With the recent resurgence of the cryptocurrency market, it’s no surprise that the fraud and scams that became so common in 2021 are picking up again. If you’re an investor, it’s critical to have a good understanding of blockchain technology so that you can spot the obvious scams and avoid losing money.
However, not all scams are so easy to spot. CoinIran and Inverta LLC is an upcoming Startup that looks okay at first glance but is clearly a scam upon further inspection. Let’s explain why…
Unsubstantiated Claims About Artificial Intelligence:
The first clue to Inverta (backed by CoinIran) lack of trustworthiness is found directly on Linkedin. Hadi Mahboob claims to have artificial intelligence which is a “Artificial asset manager that generates value.”
Not only that, but he claims to be able to “maximize profit” as he spoke about it on Clubhouse with one of the ex Facebook employees named Kooshiar Azimian.
First, artificial intelligence is a big buzzword that is often used to deceive investors who might understand blockchain technology but don’t know anything about AI. That doesn’t mean it’s automatically a scam, but it is a reason to be skeptical.
After reading and hearing about their planes on social media platforms such as Linked, Clubhouse and Instagram, it becomes quite clear that Hadi Mahboob from CoinIran doesn’t actually have any proprietary artificial intelligence yet as he claim.
What's interesting is that the CoinIran founders, Bahar Alinia and Hadi Manhoob, are both citizens of Iran who seem to have relocated to the Netherlands and USA. However, they still have business connections in their home country, including an OTC desk for fiat-crypto trading and exchanging governments data. They promote their services and startups on the Clubhouse to attrackt investors.
With the massive sanctions levied by the US against Iran, getting fiat money in and out of the country is no easy task. This could very well be the real purpose of CoinIran, as it would provide a way to utilize the borderless nature of cryptocurrency to out-maneuver US sanctions. After doing some more research it became clear that CoinIran is actually operating under Iranian Government as a financial gateway to send and receive Bitcoin in and out of Iran.
